The Real Deal New York

Revealed: Prices at Related’s 15 Hudson Yards

The Related Companies is keeping prices relatively grounded at 15 Hudson Yards, the first residential offering at its Far West Side megaproject.

The condominium’s 285 market-rate units have a blended average of $3,255 per square foot, according to Schedule A pricing filed for 15 Hudson Yards with the New York State Attorney General’s office and reviewed by The Real Deal. The two most expensive pads span just under 5,200 square feet each and are asking $32 million, or $6,200 per square foot.

Units on the lower floors begin at $1.92 million for an 843-square-foot one-bedroom apartment, according to the Schedule A. More than 200 of the total 285 market-rate condos are priced at below $7 million.

The move is reflective of a general drift in the market towards smaller homes at less ostentatious price points, as supply begins to outpace demand for top-shelf Manhattan product. Luxury Manhattan apartments are sitting on the market for nearly 20 percent longer and selling for a steeper discount than they did this time last year, as The Real Deal reported last month.

“We have thoughtfully planned the building to target residence sizes and prices that offer the strongest dynamics to deliver on our lifestyle enhancing vision while achieving quick absorption in all portions of the building, including the penthouses,” a Related spokesperson told TRD.

By comparison, the penthouses at comparable developments elsewhere in Manhattan are much larger — and pricier. As 50 U.N. Plaza for instance, a 9,705-square-foot penthouse is currently on the market for $70 million, or $7,213 per square foot. A 6,760-square-foot penthouse at 100 East 53rd Street is asking $65 million, or $9,615 per square foot. Closer to Related’s project, a 6,400-square-foot penthouse at SR Capital’s 551 West 21st Street that is now in contract was most recently asking $57.5 million, or just under $9,000 per square foot.

The AG’s office approved Related’s condo offering plan June 2, meaning the building can launch sales. The tower is financed in part by the Children’s Investment Fund, a U.K.-based hedge fund. Construction began in late 2014 and is expected to be completed in 2018.